HT Media today said its Board has approved demerger of the entertainment and digital innovation business of the company into a wholly-owned subsidiary.
"The board of directors of HT Media (HTML) in its meeting held today considered and approved a scheme of arrangement between HTML and HT Digital Ventures (HTDVL), a wholly-owned subsidiary of the company and their respective shareholders and creditors," the company said in a BSE filing.
The scheme provides for demerger of the entertainment and digital innovation business of HTML into HTDVL, it said.
It was also noted that HTDVL will acquire 42.83 per cent equity stake in another subsidiary of the company - HT Digital Streams Ltd.
"With a view to support entertainment and digital innovation business to capitalise on growth opportunities, led by a dedicated management team, it is proposed to assign a separate identity to this business by way of demerger," it said.
HT Media said the demerger will enable the business to scale up and run independently to pursue growth opportunity in a more focused manner.
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